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While the International Monetary Fund’s weakened global growth forecast and the return of China to the metals market both represented good news for gold and silver prices, they resulted in stagnation for copper on Wednesday, according to Reuters.
While the International Monetary Fund’s weakened global growth forecast and the return of China to the metals market both represented good news for gold and silver prices, they resulted in stagnation for copper on Wednesday, according to Reuters.
The news source reported copper was trading flat on the London Metal Exchange on October 8 at $6,674 a tonne.
“Broader macro themes may be reasserting themselves, around the Fed policy and the risk of global deflation … we see weaker growth and more deflationary pressure and in the absence of policy response, that’s bearish for the metals complex,” Commonwealth Bank of Australia Analyst Lachlan Shaw told Reuters.
Copper prices were also down on the Comex, with copper for December delivery trading at $3.025 a pound – a decrease of 1.4 cents or 0.45 percent, according to Investing.com.
